Financial literacy (a.k.a. FinLit) is the education and understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning. The positive impacts of financial education on people are clear, as are the negative impacts to those that lack FinLit.
Continue reading “Have we declared our financial independence?”
If you read my prior post on developing financial know-how, then you’ll know that keeping up to date on personal finance news and information is one of the steps in the advancement cycle.
The great thing is that in this age of online subscription services you can select topics that matter to you and have the information delivered directly to you. I have a few different information services that feed updates on personal finance to my email and Twitter accounts. These feeds provide information on a range of topics and are particularly useful if you are nearing a significant life goal like starting or changing careers, or deciding when and where to retire. I receive feeds from a number of different sources, including those specific to industries or technologies I’m following for investing purposes. It’s easy to get overloaded and overwhelmed with all of the different sources, so I recommend getting started with a few that allow you to better understand how to financially plan for life events, stay on top of your money, and comparison shop products and services.
Continue reading “Great sites for staying up-to-date on money matters”
You may have heard the term “financial literacy” which by definition is the education and
understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning.
Financial literacy fundamentals are often taught in schools starting in middle or high school, with mixed results at best. A study completed by George Washington University and PwC proves this point. Based on a survey of over 5,500 Millennials, it was determined that only 24% of Millennials exhibited basic financial literacy, and only 8% demonstrated high financial knowledge. Part of the problem is that school-taught financial literacy focuses on concepts with limited application to the school-age audience. To help this young audience succeed over time, we must be prepared to offer timely support to foster “financial know-how”. Continue reading “Developing financial know-how by learning to speak money management”
